There was a surge in new construction of single-family homes in November, driven by robust demand and lower interest rates, as reported by the National Association of Home Builders (NAHB) on Tuesday.
The overall housing starts rose by 14.8% in November, reaching a seasonally adjusted annual rate of 1.56 million units, according to a joint report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
The November figure of 1.56 million starts represents the number of housing units that builders would commence if development continued at this pace for the next 12 months. Among these, single-family starts experienced an 18% increase, reaching a seasonally adjusted annual rate of 1.14 million. However, despite this monthly rise, single-family starts have declined by 7.2% year-to-date. On the other hand, the multifamily sector, encompassing apartment buildings and condos, saw a 6.9% increase, reaching an annualized pace of 417,000 units.
Across North Central Florida, particularly in Marion and Alachua counties, builders are offering major incentives including lower interest rates, flexible cash, closing costs contributions and much more. The incentives from production builders can change literally week-to-week so it is important to have a resource for this information. That is where we come in. Contact us for the latest new construction news and incentives in our area. It could mean saving thousands of dollars on your purchase or getting that upgrade you want for much less. When you use the Harder Home Team for your new construction purchase, we will credit you $1500 back on your purchase.